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TCS

TCS Rates for the FY 2011-12

The Tax Collection at Source Rates for the Financial Year 2011-12 is tabulated below: Sl.No. Nature of Goods Rates in % 1. Alcoholic liquor for human Consumption 1 2. Tendu leaves 5 3. Timber obtained under forest lease 2.5 4. Timber obtained by any mode other than a forest lease 2.5 5. Any other forest […]

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TCS TDS

Surcharge on Income-tax

Surcharge on Income-tax is not deductible/collectible at source in case of individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.  

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TDS

No Education Cess on payment made to resident

Education Cess is not deductible/collectible at source in case of resident Individual/HUF /Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary. Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.

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NSDL TCS TDS

Acceptance of e-TDS/TCS statements in Pen Drive

Submission of e-TDS/TCS statement has been enabled in Pen Drive in addition to the existing option of CD. Deductors /Collectors are advised to check the feasibility of acceptance of statement in pen drive with TIN Facilitation centers before submission. The Pen Drive / CD may contain details of multiple e-TDS/TCS statements. The computer media (CD/Pen […]

Categories
TDS

Higher Rate deductions liable for PANNOTAVBL Deductees

As per new provision of tax deduction at source (TDS) under the Income Tax Act 1961 effective from April 1, 2010, TDS at higher of the prescribed rate or 20% will be deducted on all transactions liable to TDS, where the Permanent Account Number (PAN) of the deductee is not available. For more details on […]

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